Private equity firm Hellman & Friedman has appointed Goldman Sachs and Morgan Stanley as global coordinators for the initial public offering (IPO) of Verisure, in what could be one of Europe’s largest listings in recent years, according to a report by Bloomberg.
The report cites sources familiar the matter as revealing the progress on the IPO, which is expected to provide a much-needed boost to the struggling European listings market. While Verisure moves forward, the private equity owners of Stada Arzneimittel AG have decided to delay the German drugmaker’s IPO until September, Bloomberg News reported earlier this week.
Additional banks may be added to the IPO syndicate, according to sources, though representatives for H&F, Goldman Sachs, and Morgan Stanley declined to comment.
Earlier this month, Bloomberg reported that H&F was interviewing banks for Verisure’s IPO, with London, Amsterdam, Zurich, and Stockholm emerging as potential listing venues.
Verisure specialises in monitored security systems for residential and small business customers across Europe and Latin America. Its product portfolio includes video detectors, cameras, smoke barriers, shock sensors, and smart locks.
H&F and Bain Capital originally acquired Verisure from EQT AB in 2011 at a valuation of $2.1bn), with H&F then becoming the the majority shareholder in 2015, after purchasing Bain’s remaining stake.
Verisure and insurance broker Hub International are two H&F’s longest-held investments, with the private equity firm currently seeking to raise at least $1bn in equity for the latter as part of a potential transaction that could value Hub at $30bn, according to Bloomberg.
